Assessing financial literacy in 12 countries: an OECD/INFE international pilot exercise

Atkinson, Adèle; Messy, Flore-Anne

doi:10.1017/s1474747211000539

Cited by 162 publications

(120 citation statements)

References 6 publications

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“…For example, an OECD report in 2005 documented extensive financial illiteracy in Europe, Australia, and Japan, among others. 20 More recently, Atkinson and Messy (2011 Atkinson and Messy (2012) confirmed the patterns of financial illiteracy mentioned earlier in the text across 14 countries at different stages of development in four continents, using a harmonized set of financial literacy as in the three questions that were used in many countries. 21 …”

Section: Measuring Financial Literacymentioning

confidence: 59%

The Economic Importance of Financial Literacy: Theory and Evidence

Lusardi

Mitchell

2014

Journal of Economic Literature

2,433

767

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This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how much (or how little) people know and identify the least financially savvy population subgroups. This is followed by an examination of the impact of financial literacy on economic decision-making in the United States and elsewhere. While the literature is still young, conclusions may be drawn about the effects and consequences of financial illiteracy and what works to remedy these gaps. A final section offers thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy.

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Section: Measuring Financial Literacymentioning

confidence: 59%

The Economic Importance of Financial Literacy: Theory and Evidence

Lusardi

Mitchell

2014

Journal of Economic Literature

2,433

767

View full text Add to dashboard Cite

show abstract

“…This means that a single question cannot recognize if a person is financially literate. As a result, Atkinson and Messy (2011) prove in their article that a comprehensive set of questions should be prepared so as to examine the understanding, as well as analyse attitudes and financial behaviours.…”

Section: Financial Literacy Definition and Meaningmentioning

confidence: 99%

Financial Literacy of Secondary School Students. Case Study from the Czech Republic and Slovakia

Belás¹,

Nguyen²,

Smrčka³

et al. 2016

Economics &Amp; Sociology

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Financial literacy is an important area of education for secondary school students, because appropriate management of personal finance creates preconditions for successful and quality life. In this article we examined the level of financial literacy of students of commercial academies in Czech Republic and Slovakia. Our results confirmed that the learning process in both countries has some reserves. The average value of correct answers regarding the savings was 16.33% in Slovakia and 21.33% in the Czech Republic, which can be classified as very low. Significantly improved results were shown by the respondents when it comes to consumer loans. The average value of correct answers in Slovakia was relatively high (87.76%). In the Czech Republic, the average value of the correct responses was 61.33%. The average value of correct answers on the use of payment cards abroad was relatively high both in Slovakia (77.55%) and the Czech Republic (73.33%). Our research, which was significantly more extensive than presented in this article, demonstrates that the intensity of interest in the socio-economic system is relatively low and students are not adequately motivated to be proactive. Therefore, we propose to create more room for intense use of advanced teaching methods in order to improve application skills of students. In this context, it is necessary to focus on promotion of personal initiative among the students.

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“…While it is generally agreed that financial literacy entails equipping individuals with the knowledge and cognitive skills needed to understand the financial sector and handle their financial matters, other factors also play an important role (OECD 2013c). Being able to successfully manage one's personal finances also entails psychological and attitudinal traits: an individual needs to have the motivation to seek out financial information, the ability to control emotions that can affect their decision-making, and assurance in their own decision-making and financial management capacities (Atkinson & Messy 2011;The Social Research Centre 2011).…”

Section: Introductionmentioning

confidence: 99%

The significance of financial self-efficacy in explaining women’s personal finance behaviour

Farrell

Fry

Risse

2016

Journal of Economic Psychology

239

217

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Much policy attention has been placed on enhancing individuals' financial knowledge and literacy, chiefly through financial education programs. However, managing one's personal finances takes more than financial knowledge and literacy: an individual also needs a sense of self-assuredness, or 'self-belief', in their own capabilities. This personal attribute is known within the psychology literature as 'self-efficacy'. This paper examines the significance of an individual's financial self-efficacy in explaining their personal finance behaviour, through the application of a psychometric instrument. Using a 2013 survey of Australian women, financial self-efficacy emerges as one of the strongest predictors of the type and number of financial products that a woman holds. Specifically, our analysis reveals that women with higher financial self-efficacy -that it, with greater self-assuredness in their financial management capacities -are more likely to hold investment and savings products, and less 2 likely to hold debt-related products. Even alongside other important factors -such as education, financial risk preferences, age and household income -the explanatory power of financial self-efficacy is found to be significant at the 1% critical level. Moreover, the significance of financial self-efficacy is independently identified from that of financial literacy factors, which bears important implications for the development of policies aiming to improve financial outcomes.

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Assessing financial literacy in 12 countries: an OECD/INFE international pilot exercise

Cited by 162 publications

References 6 publications

The Economic Importance of Financial Literacy: Theory and Evidence

The Economic Importance of Financial Literacy: Theory and Evidence

Financial Literacy of Secondary School Students. Case Study from the Czech Republic and Slovakia

The significance of financial self-efficacy in explaining women’s personal finance behaviour

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